Lumen Technologies (NYSE:LUMN) Stock Rating Upgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Lumen Technologies (NYSE:LUMN) from an underweight rating to a neutral rating in a research note published on Wednesday, Marketbeat.com reports.

LUMN has been the subject of several other reports. The Goldman Sachs Group assumed coverage on Lumen Technologies in a report on Monday, July 1st. They set a sell rating and a $1.00 target price for the company. Citigroup raised Lumen Technologies from a sell rating to a neutral rating and increased their target price for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Lumen Technologies has an average rating of Hold and an average price target of $3.53.

Lumen Technologies Price Performance

Shares of NYSE LUMN opened at $5.57 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 36.89. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of -0.51 and a beta of 1.14. Lumen Technologies has a twelve month low of $0.78 and a twelve month high of $7.83. The business has a 50 day simple moving average of $1.75 and a 200-day simple moving average of $1.55.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 76.21% and a positive return on equity of 4.06%. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the previous year, the firm earned $0.10 EPS. The firm’s revenue for the quarter was down 10.7% on a year-over-year basis. As a group, equities research analysts expect that Lumen Technologies will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Sawgrass Asset Management LLC lifted its holdings in Lumen Technologies by 68.5% in the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after purchasing an additional 9,263 shares during the period. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Lumen Technologies in the 2nd quarter worth approximately $26,000. Brighton Jones LLC bought a new position in shares of Lumen Technologies in the fourth quarter valued at approximately $27,000. HighPoint Advisor Group LLC acquired a new position in shares of Lumen Technologies during the fourth quarter valued at approximately $27,000. Finally, Fifth Third Wealth Advisors LLC bought a new stake in Lumen Technologies during the second quarter worth approximately $33,000. Institutional investors own 66.19% of the company’s stock.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.